Today, mortgages in Russia have become difficult to obtain due to high rates.
The average mortgage rate exceeds 28%, and the total cost of the loan in some banks reaches 35%.
This means that the overpayment on a 30-year mortgage can exceed the loan amount several times, the Vedomosti article emphasizes.
Despite such conditions, Russians continue to take out loans.
The main borrowers are those who urgently need to resolve housing issues, pay off debts, and those who are able to make a large down payment.
For some Russians, buying an apartment becomes a necessity, so they are willing to pay high interest rates.
Experts emphasize that some borrowers predict that they will be able to refinance the loan soon or speed up its repayment.
For reference
A mortgage is a type of real estate pledge in which the real estate remains in the use of the debtor.
